Finally the seller accepted your offer! You’re just steps away to having your own Edmonton home. But be sure to watch out for lurking traps hidden in the final stages of the buying process. Here are some deal breakers to avoid.
A wise person knows his or her limits. Don’t make an offer that you can’t deliver. Know the highest monthly housing cost you can afford, that accounts for the mortgage, taxes, fees and insurance.
Before closing the deal, the lender will examine your credit report. If they find out that you’ve run up of charges because of excessive spending then it can affect your mortgage fee and rate.
By The Books
Commissions, royalties and earnings that have come through from self-employment, part time or full time job in the past may not in the future. So be careful if a lender is suspicious of your committed income. Some lenders might not consider those types of earnings as income.
Noting a Rising Market
If the appraiser winds up with the decision that you paid too much for an Edmonton property then there will be two choices to be made so that the deal will not fall through. First, see if the seller will lower the price or you renegotiate with the price.
Inspections are done so that it can warn you about possible problems. If a seller is refusing to fix or compensate you for the issues that you have seen at a certain Edmonton property then it’s better to cancel the deal.
One day a person is selling the Edmonton house that you had your eye on then the next day that person has suddenly vanished without a trace. So before you do any signing, investigate first if the seller really is the owner of the Edmonton house.
It’s easy to get lost in the excitement of buying that Edmonton house that you have always dreamed of. Always remember that some people will take advantage of you when you are in a vulnerable state. They’ll take the opportunity even if its wrong. So always be careful.
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Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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